Led by capacity enhancement objectives, Godrej Agrovet is investing around Rs 300 crore in the current financial year. This includes a Rs 160 crore herbicide plant in Mahad, Maharashtra, and doubling of capacity at a cattle feed plant in Baramati with a Rs 35-50 crore outlay.

Moreover, the company has just opened a Rs 120 crore R&D centre dedicated to its crop protection and life sciences business.

The food and agribusiness arm of the Godrej Group expects to bounce back from cyclical setbacks in FY24, to achieve a target of Rs 11,000-12,000 crore topline. The company which saw an impact in crop protection, animal feed and dairy businesses clocked a revenue of Rs 9,374 crore in FY23.

Godrej Agrovet has completed 25 years of its biostimulant brand, 'Double', which reduces flower drops and fruit shedding in cotton, soybean, and others crops, and enhances crop yield. The company has a diversified portfolio across animal feed, crop protection, oil palm, dairy, poultry and processed foods segments.

The 5,500 crore Indian biostimulant market is expected to grow at a CAGR of 12.5 percent by 2031. As per 2021 guidelines, product labelling should include chemical composition and expiry date, and mandates prior registration with the government.